Millennials Leave Jobs When They Feel Company Lacks 'Purpose'
Millennials want more from the companies they work for than just a paycheck. They want a meaningful purpose and the opportunity to grow within the organization too.
Two-thirds of millennials worldwide plan to leave their current companies by 2020, according to a survey compiled by Deloitte. One-quarter of millennial workers plan to leave much sooner, within the next year.
A Purpose Gap
Why are these workers leaving though? Deloitte reports these departures are based on what they call a "purpose gap," defined as the difference between what millennial workers want from a business and what a business offers them.
Most millennials, 87 percent of those surveyed by Deloitte, say the success of a business should be determined by more than just how well it does financially. These workers believe companies are neglecting their workers in several ways.
Workers believe companies are not helping them improve their skills, raise their income or remain satisfied. They also believe companies are not doing their best to create jobs and fail to focus on creating goods and services that make a positive difference in people's lives.
Companies With Purpose Retain Employees
Millennials who are satisfied with their company's purpose plan to stay with that company. Of the workers who plan to stay at their current positions for more than five years, 88 percent said that they were satisfied by their companies' sense of purpose. The workers who plan on leaving their companies within two years said they were not satisfied with their companies' sense of purpose. Meanwhile, just 63 percent of departing workers said they were satisfied with the purpose of their company.
More Than Just Money
Millennials still want their companies to make money, but they say companies should focus on other factors as well.
Fixing the purpose gap is not something that can be quickly accomplished, according to David Cruickshank, Deloitte's global chairman. He says closing the gap too quickly could seem superficial to outsiders.
Cruickshank says companies have started focusing on people development. He said companies must use their strengths to do things in the wider society while giving millennial workers the chance to participate. Millennials want to feel like they are contributing to making things better in society.
"People want to be associated with companies that are doing good things," he said.
Workers also want to improve their skills through training, and they want to know how this will help them grow within the company. Millennial workers often feel like they go unnoticed and are unable to improve their incomes by learning more skills.
Surveys to Fix Problems
In the past few years, companies have started sending out third party surveys asking employees how they feel about the companies. These surveys are filled out anonymously and companies try to address trends in order to make improvements within the organization.